Agency theory: choice-based foundations of the parametrized distribution formulation (Q934899)
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scientific article; zbMATH DE number 5306272
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Agency theory: choice-based foundations of the parametrized distribution formulation |
scientific article; zbMATH DE number 5306272 |
Statements
Agency theory: choice-based foundations of the parametrized distribution formulation (English)
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30 July 2008
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This paper develops choice-theoretic foundations of the principal's and the agent's behaviors underlying the parametrized distribution formulation of agency theory. Both the principal and the agent are expected-utility maximizers and their action-dependent subjective probabilities are defined directly on the outcomes. The results are used to evaluate and interpret the common prior assumption.
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Agency theory
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Contract theory
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Moral hazard
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